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A Guarantor Mortgage is a specialised type of mortgage that enables aspiring homeowners to secure a loan with the help of a guarantor to boost their borrowing capacity. The typical customer for a guarantor mortgage is someone whose income is not yet high enough to obtain the mortgage amount needed when taking the lender’s income multiples into account.
A guarantor is typically a parent but could also be a spouse, family friend, grandparent or other relative. Who is accepted as a guarantor varies depending on the lender.
In the same case with any standard mortgage, you will need to have a deposit ready. However, in some cases, a lender can take a charge over the guarantor’s property instead.
A repayment mortgage will typically be arranged instead of an interest-only mortgage, as most guarantor mortgages are used by first-time buyers.
The lender will assess affordability in a similar way to a standard mortgage, although they will need to factor in the running costs of the guarantor’s home and the property being purchased. Similarly to a standard mortgage, all applicants are joint and severally liable for the mortgage, so it will show on all credit files and all applicants are responsible for maintaining payments.
From over twenty years of experience arranging mortgages of every kind, our consultants have deep expertise in the finer points of the mortgage market.
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